IMPORTANT NEWS: National Electric Vehicle Sweden has agreed to buy the assets of Saab Automobile and the sale is expected to be finalized during the summer.

Wednesday, November 23, 2011

Pang Da: Deal to be finalized by Friday

The Chinese are hoping that the deal to buy Saab together with an agreement with General Motors for the continued supply of technology will be finalized by Friday. That's according to a statement from Pang Da cited by Automotive News China.

In the statement from Pang Da, it is stated that the memorandum of understanding signed between Saab's current owner Swedish Auttomobile and Chinese companies Youngman and Pang Da, a MoU which expired on November 15, has been renewed. The renewed MoU is valid until November 25.

"All parties signing the memorandum of understanding have also agreed to seek to finalize and sign a share purchase agreement on or before November," said Pang Da in a statement.